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Avik,
I would prefer Ehcache over a ConcurrentHashMap. Since spring has out of the box support for ehcache, I guess it would be nice to have a Proof of Concept using ehcache.
However the decision on the actual cache used might change later on (The latest version of spring seems to integrate well with GEMfire http://static.springsource.org/spring-gemfire/docs/1.0.0.RELEASE/reference/html/ and memcached would be a good candidate mainly because Amazon's elastic cache http://aws.amazon.com/elasticache/ is protocol compliant with it)